Should all businesses in Virginia get commercial insurance?

The Richmond, VA area has continued to be a great place for someone to start a business. When you are going to start a company in this area, you always need to make sure that you have the right insurance in place. There are various reasons why a business in this part of the state should obtain a proper insurance plan. 

Protect Your Company

A commercial insurance plan is a good investment as it will help to protect the organization. With a proper commercial insurance plan, you will have protection to mitigate various risks, one of which is the risk that your core assets will be damaged or destroyed. If this occurs, the insurance plan will give support to help you replace these assets to ensure it is not a major financial challenge. Further, you will receive liability support that will ensure you are protected if you are named liable for an accident.

Ensure Compliance

You also should get a commercial insurance plan to ensure you remain in compliance with requirements. Most businesses today are going to have various requirements when it comes to insurance. If you have a loan, lease, or investors, commercial insurance is often a top requirement in documents that you sign. If you get the right plan, it will ensure you comply with these expectations.

While Richmond, VA can be a great place to start a company, there are risks that exist for any type of business. Due to this, getting commercial insurance is a good idea. The team with Cary-Wheeler & Associates Inc. can help you find the right commercial insurance plan for your business. Cary-Wheeler & Associates Inc. is able to do this by carefully assessing the needs and requirements of your business and building a plan accordingly. 

Why Virginia Business Owners Should Add Cyber Insurance Coverage

Cary-Wheeler & Associates Inc. serves the Richmond, VA community. For over 25 years, we have helped residents protect their assets. We offer our clients flexible policies designed to meet their evolving needs. We want to simplify the process of searching for insurance.

Why Cyber Insurance Coverage Is An Asset For Virginia Businesses

A strong commercial insurance policy can help your business stand out in the Richmond VA marketplace. Commercial insurance protects your business as you navigate some challenges associated with operating a business. The policy covers your inventory and equipment if it is stolen or vandalized. You are also covered if your property is damaged due to a fire or natural disaster. Liability insurance protects your business if you are held liable for injuring someone or damaging property. Liability coverage protects your business if you are held liable for injuring someone or damaging property. Liability coverage will take care of the necessary repairs or medical bills. Workers compensation protects your business if there is an injury in the workplace. You are also covered if your business has to shut down for a few months while undergoing repairs.

An overlooked type of coverage that you should consider adding to your commercial insurance is cyber liability coverage. The recent technological advancements mean that more people are relying on online transactions to shop. Once sensitive information enters the system, hackers will look for ways to infiltrate it and cause problems. Cyber liability coverage protects your business if your customers or employees’ information is compromised in a data breach. The coverage helps prevent legal action against you and covers your business while you rebuild the systems.

Cary-Wheeler & Associates Inc. Will Help You Protect Your Assets

Visit our website to learn more information about commercial insurance.

Dangers of Compromising Commercial Insurance

Running a business in Richmond, VA comes with its own risks. While you are burning the midnight oil to ensure that your business dream becomes a reality, risks like theft, fire, and other perils can quickly turn your dream into a nightmare. Even though mishaps can’t be avoided entirely, they can be mitigated with proper planning and the right insurance coverage. 

With this in mind, business owners in Virginia run the below risks when they fail to carry business insurance from Cary-Wheeler & Associates Inc.

Get into trouble with the law.

Virginia businesses are required to carry the below insurance policies by the law.

  • Commercial auto insurance: To cover for liabilities and medical expenses arising from vehicular accidents. 
  • Workers’ compensation insurance: Pays for medical expenses for injuries sustained in the workplace.

Failure to obtain the above insurance, you are likely to face penalties and fines from the authorities.

Exposure to liabilities

When running a business, there are several liabilities you can face that can lead you into a financial mess. Some include:

  • Injuries occurring in your premises
  • Lawsuits from alleged negligence
  • Third-party property damage
  • Libel or slander lawsuits

Depending on the severity, damages from these liabilities can translate into thousands of dollars. In reality, not many small businesses can survive such a financial blow. But you can avoid going this dangerous road by obtaining business insurance.

Property loss

Your business assets, such as the building, vehicles, equipment, and inventory, face many risks that could lead to substantial loss or damage. For instance, theft, vandalism, and fire can cause unspeakable damages to your property, crippling your business. But with commercial insurance, your insurance can repair or replace properties up to your policy limit, lessening your financial burden.

Whether renewing or shopping for new commercial insurance, you can count on Cary-Wheeler & Associates Inc., located in Richmond, VA, for all your business insurance needs. Contact us today, and we shall handle the rest.

Do you need commercial insurance for your Virginia business?

If you own a small business in Virginia, you need to protect your investment, and one way to do that is through obtaining a commercial liability insurance policy for your business. Your business is one of over 640,000 small businesses located in the beautiful state of Virginia and is vital to the overall economy of the state.

Is Commercial Liability Insurance Required in Virginia?

While commercial liability insurance is not a requirement for small businesses or larger ones located in Virginia, the state is one of four in the country that does still utilize a contributory negligence standard. This means that if someone sues you and they win their lawsuit against you and your business, their reward is decreased by the amount that is deemed to be the fault of the plaintiff. In other words, if someone falls at your location then sues you, the jury may find in favor of the person suing you but can reduce the amount of money you need to pay out if the person was also negligent in some way that contributed to the falling incident. Due to this rule, you and your business should obtain a commercial liability policy to protect your business.

What is Covered by Commercial Liability Insurance?

Many incidents are covered under commercial liability business insurance, including bodily injury. If a visitor to your business sustains injuries while there because you were negligent, or an employee is injured while at a customer’s property or in the workplace, they will be covered. Personal injury claims covered are false arrests, invasion of privacy or property copyright infringement, libel, slander, and other things that can damage your rights to reputation. Also covered are advertising injuries and legal defense and judgments against you and your business.

To create a commercial liability insurance policy for you and your business, visit the commercial insurance agents at Cary-Wheeler & Associates Inc. in Richmond, VA.